Tag: region

Hong Kong’s once world-beating port needs to raise its game or risk falling further behind competitors in Shanghai, Singapore and elsewhere, industry experts said. Since 2004, Hong Kong has gone from being the biggest port in the world in shipping containers processed to a ranking, according to Lloyd’s List, of fifth in 2017. According to Lloyd’s List, Shanghai handled just over 40 million containers in 2017, which was nearly double Hong Kong’s total of less than 21 million. Peter Levesque, grou

Hong Kong’s once world-beating port needs to raise its game or risk falling further behind competitors in Shanghai, Singapore and elsewhere, industry experts said.

The city’s massive container facility has seen rivals, especially in mainland China, expand and improve at a faster pace, air and rail options for shipping goods increase and, more recently, uncertainty resulting from the ongoing Washington-Beijing trade war.

Since 2004, Hong Kong has gone from being the biggest port in the world in shipping containers processed to a ranking, according to Lloyd’s List, of fifth in 2017. Industry expectations are for further declines.

According to Lloyd’s List, Shanghai handled just over 40 million containers in 2017, which was nearly double Hong Kong’s total of less than 21 million.

Peter Levesque, group managing director at Modern Terminals, a container terminal operator, told CNBC’s Emily Tan on Monday that Chinese and other ports in the region have become more competitive and that has put pressure on Hong Kong.

“So we need to do something to stop that trend, to stop the downward trend, and to maintain Hong Kong’s competitiveness in the region,” Levesque said.

Microsoft pledged $500 million to address homelessness and develop affordable housing in response to the Seattle region’s widening affordability gap. The pledge is the largest in the company’s 44-year history, and, according to the company, is one of the heftiest contributions by a private corporation to housing, The Seattle Times reported. In comparison, the amount dwarfs the $100 million in annual funding for Washington state’s Housing Trust Fund. It’s too early to say exactly how much afforda

Microsoft pledged $500 million to address homelessness and develop affordable housing in response to the Seattle region’s widening affordability gap.

Most of the money will be aimed at increasing housing options in the Puget Sound region for low- and middle-income workers at a time when they’re being priced out of Seattle and some of its suburbs, and when the vast majority of new buildings target wealthier renters, said Microsoft President Brad Smith.

The pledge is the largest in the company’s 44-year history, and, according to the company, is one of the heftiest contributions by a private corporation to housing, The Seattle Times reported. In comparison, the amount dwarfs the $100 million in annual funding for Washington state’s Housing Trust Fund.

It’s too early to say exactly how much affordable housing will ultimately result from the $500 million, Microsoft officials said. Smith said the company, based in the Seattle suburb of Redmond, hopes to leverage the fund to help create “tens of thousands of units.”

The initiative comes as Microsoft and other tech giants that have driven the region’s economic boom face increasing pressure to help mitigate affordable-housing shortages. Microsoft is coupling its contributions with a call for other companies to step up, and for Seattle’s Eastside suburbs — of which Redmond is one — to facilitate more housing.

The company, which plans a news conference Thursday, will split the funds three ways.

Microsoft will loan $225 million at below-market interest rates to help developers facing high land and construction costs build and preserve “workforce housing” on the Eastside, where the company has 50,000 workers and is planning for more. The developments will be aimed at households making between $62,000 and $124,000 per year.

Another $250 million will go toward market-rate loans for construction of affordable housing across the Puget Sound region for people making up to 60 percent of the local median income ($48,150 for a two-person household). The remaining $25 million will be donated to services for the region’s low-income and homeless residents.

Smith said he views the fund as an acknowledgment of the economic realities faced by low-salary workers at the company and elsewhere in King County. “At some level we as a region are going to need to either say there are certain areas where we’re comfortable having more people live, or we just want permanently to force the people who are going to teach our kids in schools, and put out the fires in our houses and keep us alive in the hospital, to spend four hours every day getting to and from work,” he said. “That is not, in our view, the best outcome for the community.”

A pick-up in spending ahead of several elections in Asia this year will boost the consumer sector even though the region is bracing for slowing growth, an analyst told CNBC’s “Street Signs” on Tuesday. “We do like the theme of populist spending pre-elections,” said Corrine Png, regional equities research head at AIA Investment Management — the asset management arm of the Asian life insurer. Png cited the consumer sector as one of the investment firm’s top picks for 2019, even as market consensus

A pick-up in spending ahead of several elections in Asia this year will boost the consumer sector even though the region is bracing for slowing growth, an analyst told CNBC’s “Street Signs” on Tuesday.

“We do like the theme of populist spending pre-elections,” said Corrine Png, regional equities research head at AIA Investment Management — the asset management arm of the Asian life insurer.

Png cited the consumer sector as one of the investment firm’s top picks for 2019, even as market consensus has predicted GDP growth for Asia ex-Japan to slow to 5.7 percent. That’s in comparison to a 10-year average of about 7 percent for the region, she added.

Large emerging countries such as India, Indonesia and Thailand are due to hold general elections this year, and government stimulus is expected ahead of those polls.

Thailand has lined up a number of schemes including welfare programs to help the poor in utility payments and cash handouts for low-income workers, while the Indonesian government is rolling out cash food aid programs and setting up village funds, according to a Jan. 4 note by DBS Group Research.

Such stimulus will help boost consumer spending, especially in rural areas, DBS noted.

Virginia State Police said the driver of a military surplus vehicle was killed late Saturday after he lost control on Interstate 81 because of slick road conditions. Virginia State Police said they responded to more than 300 traffic crashes and helped nearly 200 disabled vehicles in Virginia from midnight to late Sunday afternoon. The storm knocked out power to nearly 200,000 people in Virginia and North Carolina at its height Sunday, according to PowerOutage.us. The state’s western mountains an

A winter storm that contributed to at least five deaths in the Midwest pummeled the mid-Atlantic region for a second day Sunday, bringing with it an icy mix that knocked out power, cancelled flights and contributed to hundreds of car accidents.

Virginia State Police said the driver of a military surplus vehicle was killed late Saturday after he lost control on Interstate 81 because of slick road conditions.

Police said Ronald W. Harris, 73, of Gainesville, Georgia, died after his vehicle was struck by two tractor-trailers. The two tractor-trailer drivers were taken to a hospital for injuries that were not life-threatening. The state medical examiner determined Sunday that Harris’ death was storm-related, police said.

Virginia State Police said they responded to more than 300 traffic crashes and helped nearly 200 disabled vehicles in Virginia from midnight to late Sunday afternoon.

The storm knocked out power to nearly 200,000 people in Virginia and North Carolina at its height Sunday, according to PowerOutage.us.

In North Carolina, Gov. Roy Cooper declared a state of emergency Sunday to help utility crews restore electricity more quickly after power lines fell because of freezing rain, ice and toppled trees. The state’s western mountains and foothills were hardest-hit along with the western Piedmont region and nearly 1,000 state transportation workers were called out to clear ice and snow.

The National Weather Service reported nearly a half-inch of ice in some sections of western North Carolina, leading to fallen trees and power lines but other areas of the state got mostly a cold rain or freezing precipitation.

Meanwhile, the storm caused headaches for travelers into and out of airports in the region, including more than 250 flight cancellations Sunday at the three main airports serving the nation’s capital. Washington’s Dulles International Airport tweeted that the Federal Aviation Administration had implemented a ground stop there on Sunday evening, impacting both inbound and outbound flights.

For air travelers, the Dullest airport authority subsequently tweeted tips for flying on a snow day, including frequently checking for airline flight changes and packing “patience, a good dose of snow humor & a packet of hot chocolate.”

By late Sunday afternoon, the Washington, D.C. metro area, northern Virginia and parts of Maryland had total snowfall accumulations ranging from five to eight inches (12-20 centimeters). Central Virginia, including Richmond, had much smaller accumulations — as little as one inch (2.5 centimeters)— but the snow was followed by hours of sleet and freezing rain.

Marc Chenard, a meteorologist with the Weather Prediction Center in College Park, Maryland, said parts of the region could expect snow to continue falling into Sunday evening.

“At this point, it is just going to head out to sea once it exits here this evening,” Chenard said.

Most public school systems in northern Virginia and Prince George’s County schools in suburban Maryland said classes would be cancelled Monday.

The storm also was affected parts of Maryland. In Baltimore, a man was fatally shot as he shoveled snow early Sunday morning. Police said a 43-year-old man was outside shoveling at 4:40 a.m. when an unidentified suspect shot him in the head and shoulder. The victim died at a hospital.

Meanwhile, Illinois was trying to dig out from under heavy snowfall in some areas.

Springfield’s State Journal-Register reports the state capital broke a 55-year record for daily snowfall on Saturday. It cited the National Weather Service as saying the 8.4 inches (21.3 centimeters) of snow that day in Springfield broke the previous record for a Jan. 12 in 1964 of 6.6 inches (16.7 centimeters). Some 11.5 inches (29 centimeters) of snow fell on Springfield over three days.

Among those killed in the Midwest during the storm was an Illinois state trooper struck by a car when he responded to a three-vehicle crash Saturday in suburban Chicago.

State Police Director Leo Schmitz told reporters that 34-year-old Christopher Lambert was headed home when he pulled over and got out of his squad car to respond to the accident. Schmitz said Lambert positioned his squad car to protect the other three cars and “took on the danger himself.”

For Kansas City Chiefs offensive guard Jeff Allen, there was a bright spot hen a Good Samaritan helped pull his vehicle out of the snow after he got stuck en route to Arrowhead Stadium for the divisional playoff game Saturday.

Allen said he made it on time for the Chiefs’ victory over the Indianapolis Colts because of the assistance. The man who helped Allen didn’t know he was a Chiefs player at the time.

Allen turned to Twitter to track down the Good Samaritan. When they connected Sunday morning, Allen thanked him and promised him tickets to next week’s AFC Championship game.

In a part of the world better known for towering skyscrapers and oil than for its startup scene, Gulf Arab entrepreneurs might be seeing bright times ahead. That’s according to Fadi Ghandour, executive chairman of Wanda Group, whose venture capital fund invests in tech companies all over the Middle East and North Africa. Now that oil prices are dramatically down from their October highs, the veteran Middle East investor says the market moves “will definitely be a blessing in disguise” and in tha

In a part of the world better known for towering skyscrapers and oil than for its startup scene, Gulf Arab entrepreneurs might be seeing bright times ahead. That’s according to Fadi Ghandour, executive chairman of Wanda Group, whose venture capital fund invests in tech companies all over the Middle East and North Africa.

“For years we’ve said there is an inverse relationship between how change happens on the regulatory environment and the price of oil — the lower the price of oil, the faster the change process happens,” Ghandour told CNBC’s Hadley Gamble on Thursday, pointing to Arab Gulf countries like Saudi Arabia and the United Arab Emirates whose economies have historically been dependent on hydrocarbon revenues.

Now that oil prices are dramatically down from their October highs, the veteran Middle East investor says the market moves “will definitely be a blessing in disguise” and in that it will force the development of sustainable, knowledge-based economies and jobs. He believes that startups founded five or more years ago are now reaching their maturity stage, meaning there will be more businesses scaling up in the next several years — if they can get the necessary support.

“These companies born somewhere around 2011, 2012, have raised much more money, they are growing much faster, the region is adopting mobile smartphone technology much faster, they are interacting much faster and at a much larger scale, specifically in Saudi Arabia,” Ghandour said.

“This is the time when there is size, there is scale, and the big funds globally who don’t want to take the risk early on, are going to be looking for entry into a market that they don’t have much presence in.” He pointed to New York-based global equity firm General Atlantic’s investment of $120 million in Dubai-based website Property Finder last November. The Middle East real estate platform was founded in 2007 and has been profitable since 2013.

Investments in Middle East and North Africa (MENA)-based startups went up by 31 percent between 2017 and 2018 to $893 million, with 366 deals made, according to Magnitt, a regional data platform for investors. The database also found that more than 155 institutions invested in MENA startups in 2018, 30 percent of which were from outside the region and 47 percent of which had not previously invested in the region.

If you plan to embark on a new career move this year, you should try casting your eye to Europe or the Middle East. That’s according to a new report from HSBC, which found that the top five countries for expat workers were all outside North America and Asia. It found that select nations in the Europe, Middle East and Africa (EMEA) region scored most highly. Notable expat destinations in Asia and North America — such as the U.S., Canada and Hong Kong — also made gains this year and appeared in th

If you plan to embark on a new career move this year, you should try casting your eye to Europe or the Middle East. That’s according to a new report from HSBC, which found that the top five countries for expat workers were all outside North America and Asia.

Based on responses from 22,318 expats working in 163 countries, the report measured those destinations deemed best for international workers along a series of metrics — such as work/life balance, earnings prospects and career development. It found that select nations in the Europe, Middle East and Africa (EMEA) region scored most highly.

Strong salaries, positive work cultures, job security and personal fulfillment opportunities all enabled the region to jump forward in the bank’s annual list and gain the top spots. Notable expat destinations in Asia and North America — such as the U.S., Canada and Hong Kong — also made gains this year and appeared in the top 10. But Singapore saw a drop this year, missing out on the top five to take its place among the final 10.

Flexible, shared workspaces are here to stay: JLL8 Hours AgoStuart Crow of JLL says investors have been looking to increase their allocations to property, especially in the Asia-Pacific region, because of liquidity in the global real estate market.

“I think if we do have a trade deal with China, let’s say by the middle of 2019, then Asia will be the place to be in terms of equities.” Hong Kong’s benchmark Hang Seng Index is coming off its worst annual performance in seven years, finishing 2018 down 13.6 percent. It fell another 3 percent in the first two trading days of this year as global markets tanked. Shares in the semi-autonomous Chinese region are sensitive to movements on mainland exchanges, which also fell sharply last year. The U.

“I think if we do have a trade deal with China, let’s say by the middle of 2019, then Asia will be the place to be in terms of equities.”

Hofer suggested that thin liquidity and trading volumes during the opening week may be exacerbating the rough market conditions, and urged investors to be ready for possible good news.

“I think if we do have a trade deal with China, let’s say by the middle of 2019, then Asia will be the place to be in terms of equities because that has been the major overhang that has been a problem for Asian markets,” he said.

Hofer sees opportunity in Hong Kong’s battered market, which he described as a “great place to start” for those willing to position themselves in the region for possible better times.

Hong Kong’s benchmark Hang Seng Index is coming off its worst annual performance in seven years, finishing 2018 down 13.6 percent. It fell another 3 percent in the first two trading days of this year as global markets tanked.

Shares in the semi-autonomous Chinese region are sensitive to movements on mainland exchanges, which also fell sharply last year.

The U.S.-China tariff war has also dampened investor sentiment in Hong Kong as its economy relies heavily on trade.

McDonald’s is synonymous with fast-food in many parts of the world, but there is one country where it’s failed to capture national attention. Iceland celebrated the fast-food chain when it entered in 1993, but a global economic collapse during the next 15 years forced McDonald’s to exit the Nordic region. Watch this video to find out more.

McDonald’s is synonymous with fast-food in many parts of the world, but there is one country where it’s failed to capture national attention. Iceland celebrated the fast-food chain when it entered in 1993, but a global economic collapse during the next 15 years forced McDonald’s to exit the Nordic region. Watch this video to find out more.

The rising interest rate environment in the U.S. may pressure Singapore’s residential property market in 2019, an executive from a real estate services and investment firm told CNBC on Wednesday. “The prices were supported by first-time home buyers and investors seeking Singapore properties for diversification purposes,” the report said. But that may be poised to change, according to Desmond Sim, head of research for Singapore and Southeast Asia at CBRE. Citing poor business sentiments caused by

The rising interest rate environment in the U.S. may pressure Singapore’s residential property market in 2019, an executive from a real estate services and investment firm told CNBC on Wednesday.

As of the third quarter of 2018, prices for Singapore’s private residential properties continued to increase, according to a report from real estate agency Knight Frank. “The prices were supported by first-time home buyers and investors seeking Singapore properties for diversification purposes,” the report said.

But that may be poised to change, according to Desmond Sim, head of research for Singapore and Southeast Asia at CBRE. Citing poor business sentiments caused by global slowdowns and the U.S. Federal Reserve’s streak of hikes this year, he said “muted demand” for residential property in the region is to be expected going forward in 2019.

“Demand will be a little bit slower on the back of poorer sentiments and also on the back of fear of rising interest rates. So, we have projected that demand will likely, you know, come down in the region 7,000 to 8,000 units where we have seen historically it’s gone up to 20,000 units before. So definitely more muted demand going forward in 2019,” added Sim.